Governance & Reporting (Annual Consolidation) - Latest Insights

The Court of Appeal’s decision in HMRC v Bolt Services UK Ltd is not just a private hire vehicle case. It is a reminder that the Tour Operators Margin Scheme is a narrow VAT exception, not a general margin scheme for businesses that buy in and resell travel-adjacent or accommodation-related services. For businesses that have applied TOMS outside a conventional travel agency or tour operator model, the decision should prompt a careful review of the historic position, current VAT treatment, and exposure to future HMRC enquiry.

For those who may be interested, Taxwatch’s recent article *“Is HMRC fighting the right fight on avoidance schemes?”* makes for an interesting read.